RBI Canceled Bank License: From today i.e. from 22nd September, a co-operative bank will be closed forever. RBI recently canceled the license of Pune-based Rupee Co-operative Bank Limited. RBI had told in its notice that the financial condition of the bank is not good. In such a situation, the bank will have to close its business from 22 September. Let us tell you that in the last few months, RBI has canceled the license of many cooperative banks and financial institution. Last month, RBI had decided to cancel the license of Pune-based Rupee Co-operative Bank Limited in August. After this decision of RBI, the banking services of this bank will be closed from 22 September.

Bank will have to close business
According to RBI, the bank will stop doing its business from September 22. In such a situation, customers will neither be able to deposit nor withdraw money. Explain that the banking license of Rupee Co-Operative Bank was canceled because the bank does not have sufficient capital and earning prospects.
According to RBI, it does not comply with the provisions of Section 11(1) and Section 22(3)(d) of the Banking Regulation Act, 1949 as well as Section 56. The bank has failed to comply with the requirements of sections 22(3)(a), 22(3)(b), 22(3)(c), 22(3)(d) and 22(3)(e) .

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What will happen to customers’ money?
Let us tell you that this bank customers will get an insurance cover of Rs 5 lakh through the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance scheme of RBI. That is, under this rule, if a bank has to be closed due to poor financial condition, then the customer gets the benefit of insurance cover on deposits up to Rs 5 lakh through DICGC and this money gets to the customers.



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By Dipak

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